If you could design Bitcoin from scratch today... - page 2.

Obari

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Quote from: thecodebear on March 06, 2023, 11:10:27 PM

If you could design Bitcoin from scratch today, how would you design it? What changes would you make?

Obviously Bitcoin is anchored into previous decisions by the effort to keep it immutably perfect hard money. So keeping that in mind, designing it to be immutable from today forward, building it from scratch today, what design changes would you make today?

I never thought of a design but maybe there are features I really would love to see some amendments on for instance is the area with gas fee, gosh I don't know if anyone also complains about the gas fee of Bitcoin because most times I feel very reluctant when having to send out Bitcoin because of its fees and I think since it's pegged to dollar, it is more on other non dollar countries like mine when having to convert the gas fee rate to my local currency and it breaks my heart.
And just as @davis196 said and truly I don't know how possible this could be but it be great having a feature or way of getting to recover once coins just incase there is no access to the seed phrase .

davis196

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Making BTC mining less energy hungry? I don't know how that will happen. Grin

Creating a method/protocol, where the users, who lost access to the coins in their wallets could recover their private keys(access to their wallets). I know that many people would be against such protocol, because lost coins make BTC more scarce, but I think the fear of losing your coins because you forgot your password/private keys is what keeps many noobs away from Bitcoin and this kinda stops the process of mass adoption.
I agree with the idea of renaming the satoshi into Bitcoin. This way one Bitcoin would be worth less than a dollar, rather than 23K USD. This kinda makes Bitcoin look more accessible in the eyes of the noobs.

slaman29

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Just make a nicer GUI and design it for easy phone app use? I know that is not about Bitcoin actual architecture but I guess if the programming language was different it might make it easier for people to use a Bitcoin app that was also a really useful wallet?

Now we have apps yes but they give nothing like the true functionality of Bitcoin.

Hydrogen

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Quote from: thecodebear on March 06, 2023, 11:10:27 PM

If you could design Bitcoin from scratch today, how would you design it? What changes would you make?

Store the operational on disc BTC blockchain in a compressed format to reduce its size by roughly 1/3rd. Essentially what .zip, .tar and .7z file formats do. Not 100% certain what the unzipping process would look like. Or what effect it might have on transaction overhead. Unzip on the fly is a possibility. It would make the download and storage process more feasible for entry level with lower capacity HDD.

Blockchain culling. After a certain period of time, old redundant transactions would be archived and removed from the active blockchain to keep its size relatively manageable. As there are no chargebacks, there is no reason to list every transaction on chain.

Uptime statistics for energy demographics. How many total transactions were powered by renewable energy, with basic breakdowns of who, what, where, when, etc. Total transparency for green power. No studies or research would need to be conducted by the EPA or other organizations. To an extent, energy demographics would be built into the chain and software by default.

Different versions to cater to various roles and functions. One distribution could be dedicated towards remittances. Another could be dedicated HODL. No more big block versus small block debate. Each role would have a dedicated software intended to fulfill the task.

Etc.

Kakmakr

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Well, I would have wanted SegWit to be part of the original protocol, so that we did not have all the fighting over a congested Blockchain and also some more focus on Smart contracts.

I think Ethereum wiggled it self into the Bitcoin space, because it looked for a weakness in the Bitcoin uses and it redesigned it's use case to fill those gaps. We should have been prepared for that, with better code and also effortless solutions to cover those use cases. Roll Eyes

mk4

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Knowing how big bitcoin is today, its denomination. I'd prefer if the sats denominator is what we call "bitcoin" today(moving 8 decimal places), so bitcoin wouldn't be priced so high unit-wise as it's not so currency-like.

dzungmobile

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Change its block reward and halvings to avoid that after first 4 years and first halving, 50% of Bitcoin in total supply can be mined.

It excludes big advantage for early miners and give late comers fairer chances.

Anyway, there is no time machine and Bitcoin blockchain is irreversible.

Irreversibility makes high value for Bitcoin.

thecodebear

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If you could design Bitcoin from scratch today, how would you design it? What changes would you make?

Obviously Bitcoin is anchored into previous decisions by the effort to keep it immutably perfect hard money. So keeping that in mind, designing it to be immutable from today forward, building it from scratch today, what design changes would you make today?

Topic: If you could design Bitcoin from scratch today... - page 2. (Read 242 times)